Marketing mantras for e-commerce brands during & post the COVID-19 era
The fact that COVID-19 has changed the way we go about our businesses and our lives is an understatement. The situation is no different for the e-commerce industry. However, as we are gradually learning to cope with the crisis, the e-commerce industry has also managed to stay afloat. How can e-commerce brands thrive as we go ahead? Bharath Sastry, CEO, Vistaprint India, shares some marketing mantras that can be followed.
Also read: Emerging Sales Trends in the Covid-19 era
In times like these, it becomes more important than ever to ensure strategic focus. The reason why brands exist is because they can deliver a customer promise in a profitable way. This is what is commonly known as the ‘business model’. Understanding this business model is important for any marketer. The current situation compels us more than ever, to relook at our business portfolios and understand which brands/ sub-brands/ products/ offerings fit into the model and which do not. Rationalising the portfolio to ensure strategic focus on the core is vital.
Brand Building Focus
Once the core portfolio is identified, it is important to continue focusing on brand building. In fact, brands that have a deeper connect with customers will not only survive but come out of the crisis stronger. So, continue to build on the basics: namely a) Identifying the target consumer, 2) Arriving at a consumer insight that is relevant to the product, 3) Framing the brand proposition or promise, 4) Communicating the proposition in an interesting way, and 5) Ensuring marketing spend efficiency by leveraging ‘owned media’ such as social media, websites and free channels like SEO.
This is a great time to innovate as consumer requirements are evolving and introducing new products or services that meet these requirements will help in expanding the business and further build on the base. For instance, an e-commerce firm in the furniture space can endeavour to launch home-office solutions, another firm in education can provide courses on skill building, etc. It’s critical to understand the new consumer requirements and provide a solution that is also true to the brand proposition.
Focus is defined as the ‘centre of interest or activity’. Building on this centre also means not focusing on everything else. This takes confidence and faith in the brand and the business model. Ensuring such focus will lead to brands thriving in the COVID-19 era and beyond.